Drugmaker GSK reviewing its R&D programs under new CEO

MarketsAssociated Press

Drugmaker GlaxoSmithKline says it will halt some 30 clinical and pre-clinical programs as it reviews its research and development pipeline and focuses on improving efficiency.

London-based GSK says it will also undertake a strategic review of its Rare Diseases unit and "is now considering options for future ownership of these assets."

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The company will eventually allocate 80 percent of capital to "priority assets" in respiratory and HIV/infectious diseases as well oncology and immuno-inflammation therapy areas.

Second quarter sales rose 3 percent to 7.3 billion pounds ($9.5 billion) at constant exchange rates. But higher costs led to a 180 million pound net loss.

New CEO Emma Walmsley says the company's priority is to maintain momentum and "prepare for the successful execution of several important near-term launches in Respiratory, Vaccines and HIV."